We are in a bit of a residential real estate holding pattern thus far in 2018. While some regions have witnessed a welcome increase in pending sales, declines in metrics such as closed sales, new listings and inventory in national year-over-year comparisons are more common, and it may take until late summer or early fall to see evidence of a predicted increase in inventory. In the mean time, buyer interest has remained strong despite the usual supply challenge.
In the Twin Cities region, for the week ending February 24:
• New Listings decreased 8.0% to 1,262
• Pending Sales decreased 8.6% to 968
• Inventory decreased 22.8% to 7,618
For the month of January:
• Median Sales Price increased 9.7% to $244,000
• Days on Market decreased 13.8% to 69
• Percent of Original List Price Received increased 1.0% to 96.9%
• Months Supply of Homes For Sale decreased 22.2% to 1.4
